// Crew Clothing owner Brigadier Acquisition Company to complete Moss Bros takeover deal
// The transaction is expected to be confirmed by the Takeover Panel in a statement on Tuesday
Crew Clothing owner Brigadier Acquisition Company has reportedly abandoned an attempt to scrap its £22 million Moss Bros takeover deal.
The company has decided to complete the deal just three days after vowing to appeal against the City Takeover Panel’s verdict that it should do so, Sky News reported.
The transaction is now expected to be confirmed by the Takeover Panel in a statement on Tuesday.
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The 22p-a-share takeover was announced on March 12, before the UK lockdown began.
Meanwhile, the Moss Bros board said the impact of Covid-19 further influenced the company in accepting Brigadier’s offer.
The pandemic has caused retailers such as Debenhams, Oasis and Warehouse, and Cath Kidston to call in administrators, while French Connection warned it is running out of cash.
Moss Bros acquirer, Menoshi ‘Michael’ Shina, subsequently said it wanted to walk away, resulting in a dispute with Moss Bros that was resolved in the retailer’s favour last week by the Takeover Panel.